Biecco Lawrie Limited to be shut down -Governance Now

Biecco Lawrie Limited to be shut down

Ministry of petroleum and natural gas has taken many measures for revival of the PSU for a long time but it could not succeeded

GN Bureau | October 15, 2018

#Biecco Lawrie #petrol #natural gas

The government has agreed to shut down the Biecco Lawrie Limited (BLL), a central public sector enterprise with 67.33 per cent and 32.33 per cent equity share held by Oil Industry Development Board (OIDB) and the centre respectively.

As per the norms, voluntary retirement scheme/voluntary separation scheme will be given to the employees of the PSU.

The idling assets of BLL will be subsequently put into productive use after meeting all the liabilities in accordance with the centre’s guidelines.

Ministry of petroleum and natural gas has taken various steps for revival of the PSU for a long time but it could not succeeded in giving a new lease of life to it. The government says there was no possibility of revival of the company considering the competitive business environment as well as huge capital requirement. Continued loss has made further operations of the PSU not only unviable but also resulted in substantial distress to officials and staff due to uncertain future.

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